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Unformatted text preview: not go very low. At a price of $7, the quantity demanded is 230 whereas the quantity supplied is 500. In this case, at a price of $7, the quantity demanded is much lower than the quantity supplied. As a result, there will be extra supply and surplus of goods available. $ 7 What would occur?...
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This note was uploaded on 08/04/2011 for the course ECN 601 taught by Professor Professor during the Spring '10 term at Grand Canyon.
- Spring '10